Carnaby Resources (ASX:CNB) disclosed "significant" drill results from its Greater Duchess project in Queensland, according to a Friday Euroz Hartleys note.

The results were of up to six meters at 5% copper equivalent from 390 meters, including three meters at 9.6% copper equivalent from 393 meters, Euroz Hartleys noted.

The research firm believes that the market is only just waking up to the significance of the recent drilling, given the lack of recent newsflow.

Euroz Hartleys maintained its speculative buy rating on CNB with an under review target price of AU$0.80.